Cuba launches new measures to promote electronic payment channels

Promoting electronic payments helps to make cash flow transparent and have better financial control.

Cuba khuyến khích giao dịch trực tuyến trong thanh toán. (Nguồn: BLN)

Cubans will only be able to use the ATM system for accounts related to salaries, benefits, savings accounts and personal assets. (Source: BLN)

The Central Bank of Cuba (BCC) has introduced a package of measures aimed at promoting the use of electronic payment channels, limiting the use of cash and reorganizing cash flows.

According to BCC Vice President Alberto Quiñones Betancourt, this promotion process will be carried out step by step, lasting approximately 6 to 9 months, following the principle of maintaining equality between economic actors. This period is intended to create conditions for related organizations and entities to expand their payment gateway networks and infrastructure.

Regarding concerns about whether cash payments will disappear in the purchase of goods and services, BCC stressed that this activity will continue but at a lower level and will be a gradual transition.

The expansion of electronic payment channels is important in the context of the increasing use of cash in economic and financial transactions, which has caused a decline in the level of access to banking and finance in the country. In addition, it has the impact of increasing related costs such as issuance, transportation, handling and storage, as well as the need for ATMs to withdraw cash.

The BCC has approved a maximum limit of 5,000 CUP (equivalent to 41.6 USD) for each cash receipt and payment transaction between businesses, self-employed individuals, cooperatives and some other forms of management.

According to BCC's requirements, businesses providing goods and services must integrate electronic payment channels to give people more diverse options, creating conditions for safer and faster transactions.

In the coming months, it remains to be seen how this shift to electronic transactions will shape the Cuban economy, with a key focus on maintaining confidence in the banking system and adapting to the changing financial landscape.

Source